Single-payment Loan definition
Single-payment Loan means an extension of credit in the form of a loan to one or more individuals (other than a partnership), which is repayable in a single payment whether on demand or on a fixed or determinable future date, and which is in a principal amount of $1,500 or less; but the definition does not include (1) a loan made for business purposes to a business enterprise which is not for the purpose of pur chasing a listed article, (2) a loan for agricultural purposes to a per son engaged in agriculture which is not for the purpose of purchasing a listed article or (3) any loan u p o n the se cu rity o j any obligation which arises out of any instalment sale, instalment loan, charge account or single-payment loan.
Single-payment Loan means an extension of credit in the form